The Research On The Influencing Factors And Countermeasures Of Corporate Bond Default In China

Corporate bond financing is one of the important direct financing methods.Since 2008,its financing scale has greatly exceeded the scale of stock financing,which strongly supports the development of the real economy.However,since 2014,corporate bonds ushered in the peak.The default events happen frequently and there is a gradual upward trend.Is business accounting information not timely to pass risk warning to investors? Or the quality of the accounting information of the debt default company is a problem,Or defects of corporate governance lead to business failure,Or the rapid deterioration of the industry environment leads to break of the capital chain,Or is the regulatory body's low access to bond issuers leading to a large number of defaults? This paper studies the influencing factors of corporate bond default from the perspectives of corporate accounting earnings quality,corporate governance and industry environment,maturity of bond,which to be verified by the method of empirical analysis.It is expected to ultimately get some useful inspiration for participators of bond market.This article includes the following six sections:Part 1: Introduction.This part mainly introduces the research background and significance,the research method and the framework of this paper,and explains the innovation and limitations of this paper.Part 2: The Institutional Background of China's Bond Market.This part mainly introduces the evolution of China's bond market system,the main bond types,and introduces the guarantee policy and credit rating policy of the bond market.Part 3: The related theory of debt default and literature review.This part firstly summarizes the domestic and foreign literature review of debt default,and summarizes the research progress related to debt default.In addition,it introduces the theoretical basis of debt default,including the economic consequences of accounting information in debt contract,enterprise principal-agent theory and incomplete contract theory.Part 4: Research hypothesis and design of research.This part firstly puts forward the research hypothesis related to the corporate bond default based on the related theory and literature analysis.Secondly,it introduces the method of sample selection and data source,defines the research variables and constructs the Logistic multiple regression model.Part 5: Empirical test.In this part,the descriptive statistics and correlation analysis of the main variables are carried out,and then the model multiple regression analysis and robustness test are carried out.Part 6: Conclusions and recommendations.First of all,this part summarizes the conclusions of this paper,which shows that: Firstly,the quality of corporate accounting earnings has a significant negative impact on the probability of corporate bond default,and the default entity is inclined to manage accrual earnings to increase net profit before the issuance of bond;Secondly,the level of corporate governance has a significant negative impact on probability of corporate bond default;Thirdly,the more unfavorable industry environment,the higher the probability of corporate bonds default;Fourthly,the maturity of bond has no significant impact on debt default.Fifthly,China's thirdparty bond rating agencies cannot significantly assess the default risk of corporate bonds,secured bonds cannot significantly reduce the default risk of corporate bonds.Next,this part puts forward the corresponding policies and suggestions according to the conclusion of the research,which mainly includes suggestions for improving the regulatory environment and optimizing the bond market system.And it recommends to improve the regulatory system of intermediary service agencies including the bond trust management,bond rating,bond guarantee and underwriter;and the suggestions will be a guideline for the development of accounting standards from the perspective of protecting the interests of creditors;and it makes recommendations for the bond issuer to optimize the company's internal governance.Finally,it describes the direction of further study according to the limitations.